+ 2.58
+ 0.78%
+ 2.29
+ 0.66%
+ 2.93
+ 0.7%
+ 1.55
+ 0.91%

Thailand Breaks Medical Marijuana Barrier In Southeast Asia

December 26, 2018 9:35 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More

The new year could bring a new medical marijuana market in an unlikely place: Southeast Asia. 

What Happened

Thailand's military-appointed National Legislative Assembly on Tuesday unanimously passed a resolution in an extra-parliamentary session to amend the Narcotics Act of 1979 to legalize marijuana for medicinal and research purposes, according to Reuters.

Under the earlier Act, marijuana was used only to relieve pain and fatigue. The resolution was adopted by a 166-0 vote, with 13 members abstaining. The country also legalized kratom, a tropical evergreen tree belonging to the coffee family long used in traditional medicines.

The measure requires approval by Thailand's King Maha Vajiralongkorn, according to The New York Times

The year saw several groundbreaking developments globally on the legalization front, with Canada approving the use of recreational marijuana.

Cannabis investors can't miss the Benzinga Cannabis Capital Conference, the No. 1 networking event for institutional capital and the leading cannabis companies. Secure your tickets here before they run out.

Why It's Important

Thailand's move is the first among nations in Southeast Asia, which tends to have the harshest punishments for drug violations. In some nations such as Singapore, Indonesia and Malaysia, drug offenses carry the death penalty, according to Reuters. 

Malaysia is also exploring the possibility of legalizing medical marijuana.

Thailand now has to resolve issues surrounding patent requests from multinational firms that could lead to them dominating the market and make access to marijuana extracts by domestic patients and researchers tough, Reuters said. 

Recreational marijuana continues to be illegal in Thailand, and possession of 10 kilograms or less of the drug is punishable by five years in prison. 

Related Links:

FDA Warms To Considering Legal Cannabis Ingredients In Food

5 Risks Cannabis Investors Need To Understand


Cannabis News Markets Media

Related Articles

Cannabis May Become Legal In New York With Gov. Cuomo's 'Equitable Adult-Use Program' Proposal

Gov. Andrew Cuomo announced Wednesday his proposal for a legal cannabis program across New York State. The plan calls for a new Office of Cannabis Management. This group would oversee a nascent recreational program as well as New York's current medical marijuana program. read more

New York Lawmakers To Vote On Cannabis Legalization Bill Within Days

New York is poised to legalize recreational cannabis after lawmakers released a new bill that would tax and regulate marijuana for people over 21. read more

Tony Zhang Has A Bullish ETF Options Play For The Volatile Cannabis Space

On CNBC's "Options Action," Tony Zhang spoke about a bullish options trade for the cannabis sector. read more

United Nations Commission Reschedules Cannabis In Historic Vote Following WHO Suggestion

The United Nations Commission on Narcotic Drugs has made a final decision to remove cannabis from Schedule IV of the 1961 Single Convention on Narcotic Drugs. Cannabis advocates have waited almost two years for the vote. read more